Sacramento approves $477 million Kings NBA arena 

click to enlarge Sacramento Kings fan J.R. Basa waits in line with dozens of other Kings fans to enter City Hall, where the council voted on a $477 million downtown arena for the Kings. - RICH PEDRONCELLI/AP
  • Rich Pedroncelli/AP
  • Sacramento Kings fan J.R. Basa waits in line with dozens of other Kings fans to enter City Hall, where the council voted on a $477 million downtown arena for the Kings.

SACRAMENTO -- Sacramento's City Council approved a financing plan for the Kings NBA franchise, clearing the way for construction on a $477 million downtown arena.

The council voted 7-2 on Tuesday after a lengthy meeting. The effort was championed by Mayor Kevin Johnson, a former three-time NBA All-Star.

The city had nearly lost the team to Seattle last year, a fight that resulted in new ownership and a deadline to replace the Kings' aging home.

Under the deal, the city would be responsible for a $223 million subsidy, much of it financed through a parking revenue bond. The Kings would contribute $254 million to construct the arena and develop surrounding land.

Construction on the crown-shaped sports facility will break ground this summer and open in time for the 2016-17 season.

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